Question
How to establish Credit with No Credit?
My husband and I are trying to work on our credit to buy a home. We both have things showing on our credit report with a combined total of approx 3 or 4 thousand dollars. I have recently spoke with a mortgage company who did a credit report and told me that we have no credit and in order to get a loan we need 4 lines of open credit. We have one. I tried getting each of us a secured credit card through our bank and we were both denied. How can I get lines of credit if we can't get approved for any? I am currently working on paying off some of the items on our credit reports.
1 month ago - 4 answers
Best Answer
Chosen by Asker
Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments - credit-report-score.10001mb.com
by Phil
1 month ago
Asker's Rating: 
Other Answers
find manual underwriter
by Spinky spark nut- 1 month ago
Not very many people get turned down for a secured card so it looks like you have a lot of work to do. First get your reports at annualcreditreport.com reports are free -always have been - don't fall for tv commericials trying to get you to pay for them, also forget the score - you don't need it until you repair everything. Print out those reports!!! Next, go to your library or bookstore, and look up a book on debt repair. There are many good books. It will teach you how to fix those reports line by line. If you manage to get a credit card remember the golden rule for top 800+ scores. Pay in full each month the day you get the bill in the mail. Carryiing balances is not only derogatory to your credit - it can ruin your life. Note: Do not open any credit 6 months before applying for a mortgage. New credit lowers your rating for 6 months. Please, please never carry any balances - pay in full for a happy life. /
by Judy- 1 month ago
You need to find a bank that does manual underwriting. It's how home loans where done before the fico score worship. Where they actually underwrite a loan instead of looking at a number. You really don't want a secured card. With a secured card, you have to pay a fee to practice going into debt so that you can get a real credit card and go into debt for real so that you can get a high fico score so that you can get more debt. Don't be a lemming.
by Heybulldog- 1 month ago